Thursday, June 6, 2024
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Chow Tai Fook Halts Operations at Shenzhen Plant, Shifts Production to Shunde

Shenzhen—Chow Tai Fook Jewellery (1929) has ceased production at its Shenzhen factory as of June 1, relocating certain operations to its Shunde facility to enhance resource allocation and operational efficiency.

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The unexpected move has left many employees surprised and uncertain. “I had always planned to retire at Chow Tai Fook and did not expect the factory to close suddenly,” one affected worker told Lanjinger, a Chinese financial news outlet. Staff have been offered compensation packages or the option to relocate to Shunde.

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Chow Tai Fook operates three plants in mainland China: Shenzhen, Shunde, and Wuhan’s Huangpi. While Shunde is a high-value-added production base, Shenzhen focuses on research and development.

The decision to relocate may be influenced by rising gold prices, which have exerted pressure on the jewelry market. Gold jewelry consumption dropped 6% year-on-year to 184 tonnes in the first quarter, according to the World Gold Council. Additionally, same-store sales in Chow Tai Fook’s mainland stores fell 2.7% for the three months ending in March this year.

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Alice
Alice
Alice is a seasoned jewelry designer renowned for her exquisite creations that seamlessly blend artistry with elegance. With a passion for craftsmanship and an unwavering commitment to quality, Alice has established herself as a distinguished figure in the world of fine jewelry. Drawing inspiration from diverse cultures and artistic movements, Alice brings a unique perspective to her designs, creating pieces that transcend mere accessories to become timeless works of art. Her meticulous attention to detail and insistence on using only the finest materials ensure that each creation reflects not only her artistic vision but also a commitment to unparalleled craftsmanship. Having honed her skills through years of dedicated practice and a keen understanding of evolving trends, Alice is adept at translating her clients' desires into bespoke, one-of-a-kind pieces. Her portfolio encompasses a range of styles, from classic and timeless to avant-garde and contemporary, showcasing her versatility and ability to cater to a diverse clientele.

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